General Discussion, page-30

Woops mentioned that its 20%+ since last quarterlies that was incorrect I meant since FY, revenue is expected to increase by 400m though in the upcoming quarterly and projected to increase quite alot going forward. So if we look historically at pre 2020 prices where gold was trading around half where it is now we were sitting within a price range of around 2 to 3 dollars. gold price is now double those levels and revenue has increased around 2.5 times where we were sitting at those prices. I would assume EBITDA will decrease going forward if we stay at current prices which should allow for further gains, hence I am looking for a $5 price target in the near term with some consolidation back to this level before heading further up as gold price continues to rise.

Remember labor is a mixture of fixed and variable costs, as production increases labor costs will rise however the majority is fixed and already priced in to current revenues, so going forward we may see minimal labor and capex costs while increasing revenue at a larger percent creating higher revenues, this is why revenue is almost set to double in 3 years time.